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Late Buying Pulls Up Dubai Equities for a Fourth Day
DUBAI — Dubai shares advanced for a fourth day on Wednesday, fuelled by a rise in global stocks, while upbeat comments earlier this week by His Highness Shaikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, about the economy encouraged buying.
The benchmark index of the Dubai Financial Market added 1.7 per cent to 2,205.44. The main index of the Abu Dhabi Securities Exchange barely changed at 2,967.17.
The most heavily-traded stock, Emaar Properties stretched its winning streak, rising by 3.2 per cent to Dh4.57. The Middle East’s biggest property company which is set to open the world’s tallest skyscraper Burj Dubai on January 4, 2010, has so far gained 9.8 per cent this week.
Shuaa Capital, the country’s biggest investment bank, edged up by 3.7 per cent to Dh1.97. Dubai Financial Market PJSC, the only stock market operator in the Gulf selling shares to the public, added 2.2 per cent at Dh2.38.
“Dubai has done quite well this week and volumes are picking up. There is still some follow-through interest after Shaikh Mohammed’s comments last Monday. It is redounding to a positive knock-on effect on the market,” said Ali Khan, managing director of brokerage Arqaam Capital Limited.
On Monday, Shaikh Mohammed gave reassurances that the emirate has hurdled the worst of the global crisis, and it is in a position of strength to meet its huge debt obligations.
“Investors are taking that to heart, as well as taking advantage of recent corrections. This uptrend could persist, as the Shaikh mohammed’s comments lifted sentiment, it assures investors that Dubai’s recovery story is intact,” said Khan. UAE shares which in recent weeks, have been tracking global markets, were also boosted by higher Asian and European markets, which on Wednesdy, were lifted by a string of positive earnings results and a bullish Chinese industrial production data.
Construction giant Arabtec Holding added 1.2 per cent to Dh3.27. Property developer Deyaar Development, rose by 1.4 per cent at Dh0.75, while Union Properties inched up by a per cent at Dh0.94.
Dubai-listed utility company National Central Cooling Company PJSC or Tabreed was steady at Dh0.94. The firm posted a third quarter profit of Dh23.54 million compared to Dh15.5 million a year ago.
Oil and power producer Abu Dhabi National Energy Company or Taqa, shed 2.1 per cent to Dh1.40 after reporting an 88 per cent drop in its third quarter profit due to lower oil and gas sales. Taqa’s net income fell to Dh90 million from Dh723 million a year earliier.
“The third quarter results were mostly in line with expectations. Overall, companies are reflecting improving margins, the decent numbers coming out so far, have been very encouraging,” said Arqaam’s Khan. —
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